Natural gas cools as storage levels rise - 04-30-98

CBS.MarketWatch.com

NEW YORK (CBS.MW) -- June natural gas tumbled 3.4 percent Thursday, hitting a six-week low early in the session, amid yet another increase in the level of natural gas in storage. Late Wednesday, the American Gas Association reported a rise of 64 billion cubic feet in natural gas supplies from the previous week. The rise added to the year-over-year surplus, up to 281 billion cubic feet in the latest report. The surplus is a result of above-average temperatures in the U.S. this winter due to the effects of El Niño. June natural gas fell 7.7 cents to $2.221 per BTU on the New York Mercantile Exchange.

In other commodities-trading highlights:

July cocoa fell 1.2 percent in a volatile market as traders continue to debate to what degree the Ivory Coast crop was affected by a dry spell in January and February. Ivory Coast crops have received rain every week since the beginning of March, pressuring cocoa futures. Cocoa futures were also pressured by the culmination of the high chocolate consumption period which lasts from Halloween to Easter. July cocoa fell $20 to $1,686 per ton on the Coffee, Sugar and Cocoa Exchange.

June live cattle rose 1.6 percent and May feeder cattle rose 1.7 percent, lifted by higher cash prices as demand for beef strengthens ahead of the summer grilling season. June live cattle rose 1.1 cents to 69.50 cents per pound and May feeder cattle rose 1.325 cents to 77.375 cents per pound on the Chicago Mercantile Exchange.

June gold fell 1.2 percent as the U.S. dollar maintained strength over most major foreign currencies. A slew of economic reports revealed a lack of inflation. Gold is often used as a safe haven against inflation pressures. June gold fell $3.70 to $307.60 per troy ounce on the Commodities Exchange division of the New York Mercantile Exchange.

July platinum fell $4.30 to $400.40 per ounce pressured by the late session sell-off in gold futures.

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